Small businesses are hurting throughout the city, especially in the Bronx. But this week, some of these businesses received a much-needed financial boost.
On May 21, the office of Bronx Borough President Ruben Diaz Jr. and The Bronx Overall Economic Development Corporation (BOEDC) announced that the first set of loans for small businesses were approved and released by the Board of Directors.
Four Bronx businesses received loans this week that will support their operations during the COVID-19 pandemic. A total of $320,000 from the $1 million fund has been released to support local businesses.
“We must do all that we can to give our borough’s small businesses a chance to survive in these difficult times,” Diaz said. “Our Bronx small businesses and entrepreneurs, who have been forced to adapt due to the changing landscape created by the COVID-19 pandemic, are a key component of our economy, and protecting vulnerable local job-creators is important as we look to rebound from this crisis.”
The Bronx Business Continuity Loan Fund is open to small businesses seeking loans, ranging from $10,000 to $100,000, to help keep them afloat during the pandemic. The loans are for a five-year term with a 1 percent interest charge in order to help the businesses rebuild as well as rehire local workers.
“I am proud to point out that of the four loans disbursed, three are MBE or WMBE businesses, thereby reflecting the diversity of the owners as well as the type of businesses”, said Marlene Cintron, president of the Bronx Overall Economic Development Corporation. “Our small businesses were locked out of the PPP process by their respective banks. Others were unable to qualify. BOEDC is their window to keep their doors open. With over 60 applications still in the pipeline, my concern is running out of funds. As a result, we are looking for more financial support to supplement our fund.”
The four businesses who were funded are Bronx Design, Woodlawn Medical Associates, SIDCO Food Distributors and Infinity Fitness NYC.
Businesses interested in receiving an application can email firstname.lastname@example.org.